A novel, goal function-based formulation for the growth dynamics of arteries is introduced and used for investigating the development of growth instability in blood vessels. Such instabilities would lead to abnormal growth of the vessel, reminiscent of an aneurysm. The blood vessel is modeled as a thin-walled cylindrical tube, and the constituents that form the vessel wall are assumed to deform together as a constrained mixture. The growth dynamics of the composite material of the vessel wall are described by an evolution equation, where the effective area of each constituent changes in the direction of steepest descent of a goal function. This goal function is formulated in such way that the constituents grow toward a target potential energy and a target composition. The convergence of the simulated response of the evolution equation toward a target homeostatic state is investigated for a range of isotropic and orthotropic material models. These simulations suggest that elastin-deficient vessels are more prone to growth instability. Increased stiffness of the vessel wall, on the other hand, gives a more stable growth process. Another important finding is that an increased rate of degradation of materials impairs growth stability.